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five star quality care (FVE) Key Developments

Five Star Quality Care Inc. Announces Restatement of Earnings Results for the Period Ended December 31, 2012 and 2011; Announces Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Second Quarter of Fiscal 2014

Five Star Quality Care Inc. announced restatement of earnings results for the period ended December 31, 2012 and 2011. The net impact of correcting the errors in the 2012 10-K filing resulted an increase to shareholders' equity of $6.7 million and $8.1 million at December 31, 2012 and 2011, respectively. As a result, net income decreased by $1.4 million and increased by $6.6 million, respectively, for the same time period. The company announced earnings results for the fourth quarter and full year ended December 31, 2013. For the fourth quarter, senior living revenues were $269.1 million, and were flat to the prior year. Management fee revenue from the 44 senior living communities manage was $2.4 million for the quarter. The company is reporting a loss from continuing operations for the fourth quarter of 2013 of $3.3 million, or $0.07 per basic and diluted share, partially due to the flat revenue and primarily as a result of increased expenses, many of them which, nonrecurring in nature. EBITDA, excluding nonrecurring items for the quarter, were $7.1 million, a decrease of $4.2 million from last year. EBITDA was primarily impacted by $3.5 million of higher costs of employee health benefits and workers' compensation claims; $1.1 million of loss to EBITDA due to the 4 committees under renovation, and Scott will discuss this in a bit; audit fees of $1 million associated with the restatement; and rent increases of $1 million. EBITDAR, excluding nonrecurring items for the quarter, was $55.9 million, versus $59.1 million in the prior year. Cash used in operating activity for the quarter was $2.6 million. At quarter end, the company had $340.3 million of net property and equipment, which includes 31 properties directly owned by Five Star, 11 of which are unencumbered by debt. For the full year, senior living revenues were just under $1.1 million, an increase of $3 million from last year. Revenue was negatively impacted by the sequestration-mandated Medicare payment rate reduction that went into effect April 1, 2013, and a decrease in occupancy, partially offset by increases in average monthly rates to residents who pay privately for services. Management fee revenues were $9.2 million, an increase of 59%, primarily as a result of the increased communities took on during the second half of 2012 and in 2013. For the full year 2013, income from continuing operations was $3.4 million, or $0.07 per basic and diluted share, compared to $10.6 million, or $0.23 per basic and diluted share, for the year ended December 31, 2012. EBITDAR, excluding nonrecurring items for the full year, it was $232.6 million, versus $234.5 million in the prior year. Operating cash flows for the full year were $35.8 million. The company announced expectations, before taking into account any onetime accounting expense associated with the recent financial reporting, is that EBITDAR for the first quarter of 2014 will be slightly lower than the fourth quarter of 2013, but that EBITDAR for the second quarter of 2014 will improve and will be higher than both the fourth quarter 2013 and the first quarter of 2014.

Five Star Quality Care Inc. Approves Amendment to Article II

On September 17, 2014, the board of directors of Five Star Quality Care Inc. approved an amendment to Article II, Section 2.14.1(d) of Amended and Restated Bylaws to set the deadline for stockholders to submit nominations and proposals of other business for consideration at 2015 annual meeting of stockholders.

Five Star Quality Care Inc., Annual General Meeting, Sep 30, 2014

Five Star Quality Care Inc., Annual General Meeting, Sep 30, 2014., at 09:30 US Eastern Standard Time. Location: Two Newton Place, 255 Washington Street. Agenda: To elect Barbara D. Gilmore and Barry M. Portnoy to the company's board of directors; to approve the Five Star Quality Care, Inc. 2014 Equity Compensation Plan; to hold an advisory vote to approve executive compensation; and to transact such other business as may properly come before the reconvened meeting and at any adjournments or postponements of the meeting.

Five Star Quality Care Inc., Q4 2013 Earnings Call, Sep 18, 2014

Five Star Quality Care Inc., Q4 2013 Earnings Call, Sep 18, 2014

Five Star Quality Care Inc. announced delayed 10-Q filing

On 08/12/2014, Five Star Quality Care Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

 

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